Wednesday, November 25, 2009

Balanced budget amendment

There is another good article on Big Government this morning. Please read the entire article but here are a few excerpts:
Congress will vote in December to extend America’s indebtedness above $12,100,000,000,000, necessitated because our national debt grew last year by more than $1,400,000,000,000 and will grow this year by $1,400,000,000,000. According to the Obama White House estimates, the national debt will continue to grow by more than $1 trillion for the next nine years. Except it won’t…because it can’t. There just isn’t $9 Trillion to borrow.

Three of the five largest holders of US debt should cause you sleepless nights. We owe China the most, $797 billion — 38.9% more than we did just 12 months ago. We owe Oil Exporting Countries $189.2 billion – 11.5% more than just 12 months ago. And we owe Caribbean Banking Centers (thought to hold billions in narco-terrorist money) $180.2 billion – 35.5% more than just 12 months ago. Japan and the United Kingdom round out the top five foreign debt holders, with our debt to the UK increasing an astonishing 173% in just the last 12 months.

(That “lock-box” presidential candidates like to talk about has never existed. The Social Security ponzi scheme makes Bernie Madoff look like a wayward kid shoplifting a pack of gum.)

If we do not balance the budget by the time Social Security moves to permanent deficit in 2016, we almost assuredly will not without a cataclysmic economic crisis.

What’s the solution? A balanced budget constitutional amendment.

I agree. As a whole, Congress (both parties!) has shown that it is utterly incapable of fiscal responsibility! Unfortunately, a balanced budget amendment will not happen because the American people, in all their wisdom, voted for the foxes to be in charge of the hen house!

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